There aren't enough smart/knowledgeable players in the crypto space (by trade volume). I think this fund is making the mistake of confusing crypto with a class

There aren't enough smart/knowledgeable players in the crypto space (by trade volume). I think this fund is making the mistake of confusing crypto with a classical market. In the fiat space, smart money discovers issues and starts to move it's massive dominating weight. In crypto its mostly monkeys at keyboards. I feel that even if tether was 100% proven a scam consisting entirely of funny money, the monkeys would just shrug and be all "Well, it still does what I want it to". Whereas smart players would see the risk and avoid it. Markets are only as rational as their actors.